Media Release
23/06/17
The fast-growing and disruptive real estate brand The Agency, has further expanded its NSW presence with the announcement of a strategic merger with Province Agents Lower North Shore.
“This is a strategic alliance from The Agency’s point of view, connecting high-profile sales teams from Sydney’s east and Lower North Shore. There are no better partners than the likes of Kingsley Yates, Danny Grant, Shane Slater and Peter Matthews. Bringing on board their extraordinary sales experience, an impressive property management team and rent roll, and innovative operational strategies,” Matt Lahood says.
The Province team, though recently re-branding from Ray White, felt The Agency’s model would be the best vehicle to actualise their real estate objectives.
“It is a merging of common objectives and the alliance will expedite plans for both businesses, as well as propel the careers and future opportunities of our staff, which we deeply care about,” says Peter Matthews, who will be taking on the role of Director of Strategy & Operations with The Agency.
“The Agency had ambitions to operate on the Lower North Shore and we had ambitions to grow throughout the east and inner west – it’s the perfect dovetail,” he adds.
Former Province CEO Peter Matthews and his fellow directors Kingsley Yates, Danny Grant and Shane Slater, share decades of industry experience and are respected leaders in Australian real estate. This influential team recognised the need for a business model restructure, which was the catalyst for the brand’s transition.
“We grew exponentially for 40 years under the traditional model but recognised the future of the industry requires dramatic change,” Peter Matthews says.
“We had our goals under the Province brand but when we heard Matt Lahood’s objectives and The Agency’s model, we identified they could offer sales agents, property managers and consumers a much higher level of service. We needed to be a part of that. We could arrive at our destination faster and more efficiently.”
The Agency’s model is designed to ‘deliver’ by attracting the best agents and management team through its competitive structure. By removing the franchise layer and related commission share, and introducing a rent roll referral system, agents and managers can build equity in their respective businesses. Importantly, agents and property managers are supported by The Agency’s extensive operational and technology framework, empowering them to deliver the best service to clients.
Peter Matthews will be taking on the role of Director of Strategy & Operations nationally with The Agency. Drawing on his 25 years of industry experience and former roles as Chief Operating Officer of Ray White NSW, General Manager of Real Estate Services Domain and CEO of Province.
“It’s not just people in the industry who require this change, it’s essential for customers too,” Peter Matthews says. “For years I have been developing operational systems and efficiencies for property management and sales, in order to create better, more cost-effective workflows. It is in the technology and strategy where the real advantages lie.”
The formidable merger between Province and The Agency will increase The Agency’s rent roll by approximately 1,200 properties. The Province rent roll has been managed by industry stalwart Dee Uther to date and will join The Agency property management division headed up by Maria Carlino.
The Province team has traded in the Lower North Shore market for over 40 years, having sold more than $1 billion in residential sales collectively over that time.
The merger with Province continues a very successful start for The Agency’s east coast team, with:
* $207,719,000 worth of residential sales traded since 1 February 2017.
* The Projects division, led by Steven Chen, securing both Northcliffe Residences ($113 million GR) and Cambridge Residences ($210 million GR), with a further pipeline of $1.4 billion in GR projects coming on the Gold Coast. There is also procurement of another $600 million worth of projects across NSW and Victoria in the next quarter.
* The launch of the Victorian operation, headed up by former Marshall White Director Peter Kakos.
According to Peter Matthews, it is the people who sit behind The Agency as much as the business model, that attracted Province to the brand. “Beyond the superstar sales people that are part of The Agency, it’s also the impressive background investment by Ausnet and the Finsure Group.”
“The merger between Province and The Agency goes to partially completing one of the conditions necessary for the *Ausnet/Top Level acquisition. The Agency east coast is owned by Top Level,” Matt Lahood explains. “We will shortly have an announcement with regards to further mergers in the Sydney market.”
On the east coast of Australia ‘The Agency’ operates under licence from ASX listed Ausnet Financial Services (ASX: AU1) who have successfully run ‘The Agency” business in Western Australia for the past two years. AU1 also retain an option to buy (in the next 12 months) the east coast operations of ‘The Agency’ from the licence holder for an agreed sum, subject to certain conditions being met.
*Ausnet Real Estate Services/ Top Level acquisition agreement on the ASX website 3rd of February 2017.
*Sales figures as of the 19th of June 2017 obtained via MyDesktop.